Making a new business

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Discuss Making a new business in the Plumbing Jobs | The Job-board area at PlumbersForums.net

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Ermintrude said:
Do it properly.

Pay a graphic designer to do logo

Get all your gear branded up

Buy a. 30k van

Get it branded up


Pay through the nose for a website


Get an 0800 to your mobile and an 0500 fax

Get two iPhones


Pm me first when your going **** up and need to sell it all tho!


Or box clever , make NO commitments to service contracts , phones or or any other outgoing you couldn't ditch at 5 days notice without paying mega bucks.


Buy a van for cash or hire one on a rolling 30 day lease from Northgate


Get an unlocked phone get a giffgaff sim and out £25 a month on it. Unlimited everything. - no massive bills.

EE unlimited can still cost you well over £300 a month on data 0845's and google maps.


Get say no to 0870 app and your done.


Deliver your own flyers. Keep your accounts as lean as possible. Aim to have enough work done and paid by 15th of each month to pay all last months accounts. Rest of moth your not worrying .


Buy what you need not what you want.
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Agree with a lot of this except that I did a logo/website for a guy who had only done a couple of jobs before he came to me and it helped him significantly to establish more trust, get clear on his offering and present a professional image from the off.

He would tell you himself how beneficial that was in his early startup phase.

He also leveraged this by taking jobs on from RatedPeople - He is now fairly established and get's regular work.

Not all websites will give you a reasonable return on investment but even if it's just a facebook page to start with and not a paid for dedicated website people expect professional companies to at least have some presence online.
 
It happens -I know today was out in my little car
observed 2 of my transits around Waterloo

Its my diesel and they are my trucks but my boys are
quite special - guess what - I know - where their Saturday 'office'
after 1300 is - a Pub and just 'chanced in'

I did not have to even offer a round - myfellas are good
and know the rules

centralheatking



employee of mine ever 'borrowed' my kit or stock I would do everything I could to make sure they were charged for it and got a criminal conviction.[/QUOTE]
 
Hi tunny0

Your post on here has attracted plenty of attention

We all have put up our comments - its been a good post so far

So Tell us what are you going to do - we like ends -or
results from our input to these posts - thats probably why we get involved
I suppose CHK

tunny0 said:
Hi guys n sorry for the questions I'm asking but you seem to be a good bunch and I've had some good feedback while being here right I'm serious about starting my own business I will generally be a bathroom installer and do some heating ie rads, new pipes and general maintainance my questions are this

Looking at the Company house website when it comes to register a new company it asks

Ltd company
Sole Trader
Sub contractor

What I'm struggling with is what is my best route to take I don't really want to be a subby but if the needs rise due to no work I'll consider it, also what money outlay are we talking to register a new company??

Thanks Tunny :)
Click to expand...
 
Centralheatking said:
Hi tunny0

Your post on here has attracted plenty of attention

We all have put up our comments - its been a good post so far

So Tell us what are you going to do - we like ends -or
results from our input to these posts - thats probably why we get involved
I suppose CHK
Click to expand...


sure ill keep you updated

Im not going Ltd ive talked to alot of people and im not big enough to be Ltd, but its something to consider in the future

on wednesday i am forming my company on Company house website, i have today placed an order on vistaprint for 3000 flyers pretty cheap :) either thursday or friday i will be purchasing my PLI

Monday after i will be talking with my lawyer on what i need to be doing for the tax man and any other legal matters like tax and insurance

during that week i will be meeting a friend to open a website/email and do some logo and branding

already made a business page on facebook to advertise

once i have everything i need in place to make sure the company is legal and i know what i should be doing ill spend the rest of the time advertising and trying to get work

stumbled across another plumber who has work coming out of his ears so he could be sending some my way

bank accounts, van will follow in the future

anything ive missed? :)
 
A company is a legal entity, for example LTD.

If you are trading as a sole trader it's a business, not a company.

If you register with companies house you are forming a company. If your not intending to be LTD then there is no need to register with companies house, you do need to register as self employee with HMRC though.

Hope that helps.
 
Nostrum said:
A company is a legal entity, for example LTD.

If you are trading as a sole trader it's a business, not a company.

If you register with companies house you are forming a company. If your not intending to be LTD then there is no need to register with companies house, you do need to register as self employee with HMRC though.

Hope that helps.
Click to expand...

Thanks for that, when you apply on company house it asks if you want to be Ltd or sole trader im guessing if you register the business name will be safe for no one else to use am i correct?
 
Are you sure?

basically to do what you are saying, you would need to register a LTD company and then declare it as dormant (ie not trading) you will then be required to file dormant accounts showing that the business has not traded in that period.

Companies house have no interest in sole traders. Sole traders can trade under whatever name they like with no need to notify anyone of that trading name on start up. That said, if you started trading as Tesco, their lawyers would soon be knocking on your door under copyright.

I think your getting too wrapped up in the whole thing, you need to tell HMRC you are self employed so they know to expect your tax return for year end April 2015. thats about it really as a sole trader.
 
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Ive just read the info on it and I have filled out the forms to sub contract online, your right think i was getting too wrapped up into things lol, got to wait 4-6 weeks now for form SA250 to come

Thanks again :)
 
What on earth are you employing a solicitor for? That leech will bleed you dry before you've even made £45!
 
Now your saying sub contract, I really feel you need to sit down with somebody before you do anymore form filling, yes it`s all exciting but get it wrong at this stage and your in for one big headache.
 
Your way over the top here mate. Your a sole trader, you haven't got any work and your shelling out like you had a turnover of £2m last year. Hold on to those pennies. A fool and his money soon parted!
 
Start slow, inform hmrc you are going self employed and get your national insurance sorted. Don't be splashing out when you don't know where your next pay day is coming from.
 
Ermintrude said:
What on earth are you employing a solicitor for? That leech will bleed you dry before you've even made £45!
Click to expand...


first hour is free get your info n walk out lol

Now your saying sub contract, I really feel you need to sit down with somebody before you do anymore form filling, yes it`s all exciting but get it wrong at this stage and your in for one big headache.
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Nostrum's advice was sound so i read up on the theory and it works for me, its basically the same thing without having to tie yourself down, if i go **** up theres no ties really is there, this way i can find work on sites and work other places as i find them and build a business up

if someone had explained it better earlier on it might have sunk in :)
 
Ermintrude said:
Your way over the top here mate. Your a sole trader, you haven't got any work and your shelling out like you had a turnover of £2m last year. Hold on to those pennies. A fool and his money soon parted!
Click to expand...


All due respect Ermin, i have spent £47 so far on 3000 flyers, the most i will spend in the next week or so will be PLI, then maybe the website/branding

i can pay for that with the pocket money i saved up in my piggy :)
 
You just seem a bit excitable. I had my first ltd company when I was 18. I wound it up two years later with a loss of £23k and a very annoyed farther!
 
Ermintrude said:
Your way over the top here mate. Your a sole trader, you haven't got any work and your shelling out like you had a turnover of £2m last year. Hold on to those pennies. A fool and his money soon parted!
Click to expand...

Agree, I'd suggest writing up at least a basic business plan detailing things like your formation, services, target market etc.

Natwest used to have some very basic but worthwhile software free to download.

I think it can still be downloaded but they discontinued it - I'll see if I find a link for you.
 
Ermintrude said:
You just seem a bit excitable. I had my first ltd company when I was 18. I wound it up two years later with a loss of £23k and a very annoyed farther!
Click to expand...


Please tell me you have made that back now, and we all know what guys are like at 18 in the pub most days by any chance?

Think you got lawyer/solicitor mixed up with an accountant?
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no a lawyer i wanna divorce :)
 
joking aside i think im getting somewhere now, once my flyers come ill post one up so you can see my artisic and creative brain :)
 
TWD said:
Tunny0,

Here is a link to download that software - It's not on Natwest's site as they discontinued it.

Freeware NatWest Business Software at Download Collection.Com

It was last updated around 2008 but there is a text file in the zip from that link to tell you how to run it in Windows Vista or later.



Hope it helps
Click to expand...

thanks for this but im running windows 8 i tried doing what it asks and when i click properties the box it asks for isnt there :(
 
tunny0 said:
Please tell me you have made that back now, and we all know what guys are like at 18 in the pub most days by any chance?

no a lawyer i wanna divorce :)
Click to expand...

Made it back pretty quick . Most of the money was spent on hotels, drinks and stupid stuff like a £1800 laptop case and a £400 montblanc pen, and some suits.

Bought pen and laptop case in perpetration for a meeting with natwest CBS . Instead of making a solid business plan !
 
Ermintrude said:
Made it back pretty quick . Most of the money was spent on hotels, drinks and stupid stuff like a £1800 laptop case and a £400 montblanc pen, and some suits.

Bought pen and laptop case in perpetration for a meeting with natwest CBS . Instead of making a solid business plan !
Click to expand...

A Parker Sonnet would have been excusable but a montblanc!!! lol
 
Just recieved a phone call about a grant i applyed for they are sending me out a business plan template :)
 
tunny0 said:
Just recieved a phone call about a grant i applyed for they are sending me out a business plan template :)
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It will probably be a bunch of word and excel documents - Of all the methods I have used that natwest software was the one that made things most simple.

All the figures for your profit and loss and cashflow charts are automatically generated.

Let me know if they send something better as I have found anything in years.
 
wpuld anyone care to fill in my Business plan? ill give you a tenner n a pack of pork scratchings :54:
 
I have to admit to not making a business plan when I started up other than to make as much money as possible by doing as good a job as possible for everyone! Keep pushing prices up until you are at that sweet spot where you can't really take any more work on but don't have it coming out of your ears then the profits will follow.

Damn, given it all away!
 
I wanna have that same attitude but I gotta do one for this start up grant I've applied for, if they knock me back after spending best part of a week doing it I'll smash someone
 
you should go to some local networking meetings. You get a chance to meet local small business's ie solicitors, bookeepers, accountants, web designers, printers etc, i rarely find others tradesmen there. You spend a couple of hours at the end or beginning of the day drinking coffee, picking their brains, making contacts and usually getting some business out of it. Oh and turn up in your work clothes you'll be the center of attention because everyone else is in suits.

PS don't sign up to join any group till your sure it will work for you.
 
instead of being angry t&h just sing kumbayar my lord whilst in the lotus position maybe smoking something relaxing.....just a thought hey
 
brum said:
instead of being angry t&h just sing kumbayar my lord whilst in the lotus position maybe smoking something relaxing.....just a thought hey
Click to expand...

Or just book yourself in at the local brothel for a couple of hours.
 
Unfortunately, much so-called "business planning" is nothing of the sort. At best its a box ticking exercise, and at worst its a cynical attempt by banks to identify all the reasons that they can try to sell you additional financial services.

If you are serious about building a business which is more than just straightforward self employment, then I would recommend an outstanding book on the subject called Good Strategy/Bad Strategy by Richard Rumelt.

I wish I had read it at the beginining of my business career, BEFORE I made so many of the text-book mistakes that the author identifies.
 
cheers Ray

yeah im serious, even if i dont make it big time i know what ever work i do get will be done to quality and leaving the custard happy as for the business plan i got to do it to qualify for the grant, im starting to wonder if i should just ask my parents for it lol

but on a better note the business plan is opening my eyes more n more and i have picked up on alot not doing this might not have opened my eyes to other principles
 
are you doing the business plan to get the grant from the princes trust? I did the business enterprise course when i first started which was free and very useful imho. Didnt go for the grant though as i already had work coming in. Good luck buddy
 
parkesy_plumb said:
are you doing the business plan to get the grant from the princes trust? I did the business enterprise course when i first started which was free and very useful imho. Didnt go for the grant though as i already had work coming in. Good luck buddy
Click to expand...


Its not the princess trust one its a start up grant I applied for from a government website and I got a phone call from a company called X-Forces who help out those who have been in the forces not sure if I'll get it but its worth a shot
 
Business plan/cashflow plan all completed now waiting for my business mentor to rip the pee out of it :)
 
T & H Plumbing said:
Business plan/cashflow plan all completed now waiting for my business mentor to rip the pee out of it :)
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Good luck, but don't worry overmuch about the business mentor. Sure, listen to the questions, and ask yourself if you are happy with your answers. But if he/she is that clever, how come they aren't making millions running their own business? I have alway wondered about who lectures in business schools and colleges.
 
Good point Ray good point indeed

Its a she by the way and she did tell me the other day that she hadnt had a business plan get rejected for the grant yet lol bold statement
 
On your facebook page you have a business card that shows the web address to be www.t&hplumbing.co.uk

Web addresses do not contain special characters like the ampersand '&' so this will never actually be a valid address.

It doesn't reflect well giving out a web address that doesn't actually exist - It will make some question whether you are a competent or even legitimate operation.

Good luck with you grant
 
that page was opened last week TWD i know your point thou, i tottally forgot about the website on them, the card was designed as a template, im still waiting for my guy to start my website

thanks for reminding me ill alter it now :)
 
Sorry Alex but this type of meeting I often have to attend on behalf
of my investors in API 2006 - its a bit like everybody in a room with
blindfolds on hoping to touch another major contracter - they
are rubbish CHK
Alex Pelton said:
you should go to some local networking meetings. You get a chance to meet local small business's ie solicitors, bookeepers, accountants, web designers, printers etc, i rarely find others tradesmen there. You spend a couple of hours at the end or beginning of the day drinking coffee, picking their brains, making contacts and usually getting some business out of it. Oh and turn up in your work clothes you'll be the center of attention because everyone else is in suits.

PS don't sign up to join any group till your sure it will work for you.
Click to expand...
 
At 8 pages this is a really good post - I am on here to help and learn and I have done both
- so off you go and keep us updated with your progress - and we can do technical as well

centralheatking
 
Thank CHK

its alot better than my outside tap thread lol, i always find no matter how long you have done something you are always learning, doing the job is no problem its the business side i need help n advice with but with all the help im gettin ill be Richard Branson in the year 4027 :)
 
Really interesting thread guys. my own tip would be to stop overplanning and start doing. If it comes to it make a Facebook page, print up some business cards and put yourself out there. There's a lot of great plans out there that are never acted on - at the end of the day you just have to get up and go.

If you're plumbing put up a Facebook page, get a website, tweet and start putting yourself about. Getting exposure and going public will help motivate you with the rest. business is about ppl not paperwork at the end :)

that's my encouragement anyway
 
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